Bitcoin mining operator Northern Data reportedly considering $500M IPO

Main European Bitcoin (BTC) mining firm Northern Information is reportedly contemplating going public in america.

Germany-based Northern Information is planning to lift as much as $500 million within the preliminary public providing, or IPO, Bloomberg reported on Feb. 22. The corporate is working with Swiss funding financial institution Credit score Suisse to proceed with the IPO, nameless individuals conversant in the matter advised the publication.

Based on the report, the corporate is contemplating conducting a sale of latest shares later in 2021, intending to spice up Northern Information’s shareholder base in addition to its international profile. Northern Information’s shareholders embrace buyers like Galaxy Digital founder Mike Novogratz in addition to corporations like funding agency Cryptology Asset Group and EOS developer

Northern Information has been listed on Germany’s over-the-counter market since 2015, the place the inventory surged greater than 300% over the previous 12 months. At publishing time, the Northern Information inventory is buying and selling at 112 euros ($136), down greater than 11% over the previous 24 hours amid a significant sell-off on the crypto market, in response to knowledge from Bloomberg.

Supply: Bloomberg

Primarily based within the outer components of Germany’s monetary hub of Frankfurt, Northern Information operates mining knowledge facilities in areas with low-cost electrical energy. Its largest facility, situated in Rockdale, Texas, is without doubt one of the world’s largest crypto mining amenities with a deliberate capability of 1 GWh by the top of 2021. The corporate reportedly began as a Bitcoin miner however later moved to working knowledge facilities on behalf of consumers.

Credit score Suisse declined to touch upon its involvement in Northern Information’s IPO to Cointelegraph. As beforehand reported, Credit score Suisse was as soon as amongst IPO backers for Bitcoin mining big Canaan Inventive. Nonetheless, the financial institution renounced its involvement amid considerations over the order sufficiency in November 2019.

Northern Information didn’t instantly reply to Cointelegraph’s request for remark.